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IMF must better police external imbalances: US Treasury Secretary

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WASHINGTON: US Treasury Secretary Steven Mnuchin (pictured) said on Friday that the International Monetary Fund needed to “step up to the plate” to police large external imbalances, demand the dismantling of trade barriers and protection of intellectual property rights. In a statement to the IMF’s steering committee, which meets on Saturday, Mnuchin said countries which have large and persistent external surpluses must do more to carry their share of the adjustment. “The IMF must step up to the plate on this issue, providing a more robust voice and consistently noting when members maintain macroeconomic, foreign exchange, and trade policies that facilitate unfair competitive advantage or lead to imbalanced growth,” Mnuchin said. — AFP


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